The five biggest auto insurers in Illinois have raised automobile insurance rates a whopping $527 million since January, an analysis by two consumer groups shows.
That follows about $1.1 billion in rate increases last year by the top 10 Illinois car insurers.
The analysis by the nonprofit Illinois Public Interest Research Group and Consumer Federation of America looked at auto insurance rate increases by the five largest companies in Illinois: State Farm, Allstate, Progressive, Geico and Country Financial, which together make up 62% of the Illinois market.
Now, state Rep. Will Guzzardi, D-Chicago, has introduced legislation to address those issues and crack down on insurers. Guzzardi’s bill would:
- Require automobile insurers to get prior state approval for rate hikes.
- Ban “excessive” insurance increases.
- Prohibit using gender, marital status, age, occupation, schooling, home ownership, wealth, credit scores or a customer’s past insurance company relationships in setting car insurance rates.
It’s already illegal to use race, ethnicity and religion in setting rates. That would continue under Guzzardi’s proposal.
Author(s): Stephanie Zimmermann | Chicago Sun-Times
Publication Date: 6 May 2023
Publication Site: WBEZ in Chicago